Inflation Hits 9.4% as Truss Admits Economic Failure

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Scotland Can Do Better

The SNP has said that Scotland can’t afford to keep the Tory UK Government, as inflation rises for the ninth consecutive month while Conservatives are focussed on their leadership contest.

Figures from the Office for National Statistics show inflation is now at the highest level since 1982, having hit 9.4%.

Yet regular pay is falling at the fastest rate since 2001 when taking inflation into account. Businesses are also impacted by soaring prices of raw materials and fuel, which will have a knock-on effect on consumer confidence.

It comes as Tory leadership frontrunner Liz Truss admitted that the past twenty years of Westminster economic policy “hasn’t delivered growth” and that “the United Kingdom is projected to head for a recession“. She made the comments on the BBC’s Radio 4 Today Programme.

The Bank of England has warned that UK inflation is on course to reach 11% by the autumn, with the Resolution Foundation highlighting that it is poorer households – those already struggling after a decade of Tory austerity – who are being hit hardest by the rising costs.

The SNP and Scottish Government have repeatedly called for a targeted approach to support low-income households – such as bringing in a Real Living Wage, matching the Scottish Child Payment UK-wide, increasing Universal Credit and legacy benefit payments, and scrapping debt-inducing policies like the two-child cap and five-week wait. All have been ignored by Westminster.

– Graeme

The admission of long-term Tory economic failure from a serving Cabinet Secretary, who has been at the heart of it backing harmful policies all the way, is a stunning one – she is making the case for independence for us.

As the Tories bicker among themselves in this depressing leadership contest, UK inflation is sky-high, we have the worst growth, productivity, poverty and inequality among our European neighbours, and this crisis is hitting the poorest the hardest.

While the Scottish Government does all within its powers to support people through it, the UK Government holds key levers of power that they refuse to use.

With Keir Starmer’s Labour Party every bit as committed to a damaging hard Brexit as either Tory Prime Minister contender, it is becoming clearer by the day that Scotland must take control of its own destiny to build a fair and prosperous future.